Tata Power Co. has announced a dividend of Rs 2 per share for the financial year 2024. The board recommended the dividend, which will be subject to shareholders' approval at the annual general meeting to be held on July 16.
The record date has been fixed for July 4 and the dividend will be paid by July 18. The Tata Group company will pay Rs 640 crore to over 44 lakh shareholders this year.
Tata Power's consolidated net profit rose 11.37% in the fourth quarter of the financial year 2024, beating analysts' estimates. The integrated power company's consolidated net profit increased to Rs 1,045.59 crore in the quarter-ended March, according to an exchange filing on Wednesday. Analysts tracked by Bloomberg had set a consensus estimate of Rs 949.6 crore.
Shares of Tata Power closed 0.19% lower at Rs 435.45 apiece on Wednesday, ahead of the announcement, as compared with a flat move in the BSE Sensex.
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